Unemployment insurance scheme to be introduced next year

Economic Minister Fayyaz Ismail has said an unemployment insurance scheme would be introduced in the Maldives next year.

The minister said the government has disbursed approximately MVR 450 million as support allowances for those whose employment was affected due to the COVID-19 pandemic thud far. This allowed the Maldives to overcome the challenges caused to the economy, he added. The minister said the government has decided to establish an insurance benefits scheme next year, with the assistance of the World Bank.

'When we commence the program, we will first conduct a pilot project. We will review the results and eventually expand the program across the Maldives,' the minister said.

The minister noted that the World Bank has already conducted a survey on introducing an unemployment insurance scheme. He added that the administration is also working on a Workplace Safety Act and Industrial Relations Act. Discussions are ongoing with the Attorney General regarding the two laws, and the bills will be forwarded to the Parliament very soon, the minister said.